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July 2016 fine-art market intelligence

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21 headlines

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Fine art

Stedelijk receives huge donation from collector Thomas Borgmann

news.artnet.com

Thomas Borgmann donated over 600 works to the Stedelijk Museum in Amsterdam, including pieces by Wolfgang Tillmans, Lucy McKenzie, Cosima Von Bonin, and Christopher Williams. The donation also encompasses works by De Rijke/De Rooij and the complete 16 mm film oeuvre of Jack Goldstein, among other works.

Fine art

Art lovers cash in on Brexit and weakening pound

thenationalnews.com

Anna Seaman reports on Christie’s anniversary sale of British art following the Brexit referendum, noting record results for Henry Moore, Bridget Riley, Francis Bacon and John Constable, as well as strong showings at Philips and Sotheby’s in London.

Fine art

Rubens’s Lot and his Daughters sells for £44,9 million at Christie’s

theartwolf.com

Rubens’s Lot and his Daughters (circa 1613-1614) sold at Christie’s Old Masters auction on July 7, 2016 for £44,882,500 / $58,167,720 / €52,422,760. The painting was bought by a telephone bidder during a four-way bidding battle and is noted as one of Rubens’s important early works to remain in private hands.

Fine art

Rubens puts Christie's on top during Old Masters week in London

theartnewspaper.com

The Art Newspaper article reports on the classic week in London where Christie's led Old Masters sales during the market week, highlighting strong results for Rubens and several artist records during the auctions in early July 2016.

Fine art

Peter Paul Rubens sets new record with $58 million Old Masters sale

news.artnet.com

Peter Paul Rubens, Lot and His Daughters (circa 1613–14), sold at Christie’s London for £44.8 million ($58.1 million). The sale set a record for Rubens in the Old Masters category at the house and is the second-most expensive work by the artist sold at auction according to Artnet Price Database. The overall Old Master sale brought in £65.4 million ($84.7 million).

Fine art

Rubens masterpiece fetches record-breaking £44 million at auction

standard.co.uk

Peter Paul Rubens' Lot and his Daughters sold for £44,882,500 at Christie’s after a 14-minute bidding battle; the Old Master painting had previously hung at Blenheim Palace and became the highest price for an Old Master painting at Christie’s.

Fine art

Court orders artist Peter Doig to prove he didn’t create this canvas

news.artnet.com

Peter Doig is ordered by a court to prove he wasn’t the artist who created a disputed desert landscape painting. The claimant, Robert Fletcher, alleges ownership and seeks damages and a declaration of authenticity; Doig denies being the author and disputes the connection to Thunder Bay.

Fine art

Rubens breaks record for classical masters in auction with 52.4 million euros for Lot and His Daughters

rtve.es

The painting Lot and His Daughters by Peter Paul Rubens (1577-1640) sold for 44.8 million pounds (about 52.44 million euros) at Christie's in London, the highest price for a work by a classical master at the auction house. The work, painted circa 1613–1614, was acquired by a collector after a bidding contest among four participants that lasted about 14 minutes and had previously been owned by Moritz von Hirsch auf Gereuth’s descendants; it had been a gift from Archduke Joseph I of Austria to the first Duke of Marlborough in 1706. Christie's notes this as a significant masterwork from Rubens’s early maturity and part of the

Fine art

Rubens s’envole chez Christie’s à Londres

lequotidiendelart.com

Pierre Paul Rubens, Loth et ses filles, huile sur toile, 1,9 x 2,25 m, vendue 44 millions de livres sterling le 7 juin par Christie’s à Londres. Christie’s, le 7 juillet, a vendu Loth et ses filles pour 52,4 millions d’euros (44,9 millions de livres sterling). L’œuvre était estimée à plus de 24 millions d’euros et représente plus de la moitié des revenus de la vente “Old masters and british paintings” qui a totalisé 76 millions d’euros (65 millions de livres sterling). Une vue de Haarlem par Jacob van Ruisdael a également dépassé son estimation, atteignant 1,5 million de livres sterling (1,8 million d’euros).

Fine art

Dzieło Rubensa najdroższym obrazem dawnego mistrza w Christie's

rynekisztuka.pl

The Rubens painting Lot z córkami (c. 1613–14) sold for 44.8 million pounds at Christie’s in London, setting a new record for a work by a Old Master. The evening sale at Christie’s on July 7 generated about 70% of the evening’s total of 65.3 million pounds for the Old Masters sale, with strong results also for works by Bruegel, Bernardo Bellotto, and Jacob van Ruisdael.

Fine art

Germany’s onerous new art export law, explained

artsy.net

Artsy Editorial discusses Germany's new export law affecting artworks over certain values and ages. The article notes licenses required for exports above thresholds and the opt-out provision for living artists. It mentions criticism from figures like Georg Baselitz, Gerhard Richter, and Johann König.

Fine art

US to seize $1 billion in misappropriated funds connected to Malaysian collector Jho Low

news.artnet.com

The article discusses US federal prosecutors planning to seize about $1 billion in assets allegedly misappropriated from 1MDB, a Malaysian government fund. It mentions Jho Low’s involvement, including his $48.8 million Basquiat purchase at Christie’s in May 2013, and notes related details from The Wall Street Journal and the Kleptocracy Asset Recovery Initiative.

Fine art

Feds move to seize Wolf of Wall Street rights in 1MDB probe

usatoday.com

Kevin McCoy and Nathan Bomey report that the Department of Justice moved to seize roughly $1 billion in assets, including future proceeds from the 2013 film The Wolf of Wall Street, as part of an international 1MDB corruption investigation. The article mentions assets such as the L’Ermitage Hotel, Beverly Hills mansions, NYC luxury condos, EMI Publishing rights, a Bombardier jet, and investments in New York's Park Lane hotel, with potential involvement of Malaysian officials including Najib Razak.

Fine art

DIA launches multimillion-dollar effort to acquire African-American art

freep.com

David Hammons' sculpture Bird (1990) is highlighted as the centerpiece of the Detroit Institute of Arts' multimillion-dollar, three-year initiative to acquire African-American art. The project, approved by the DIA board, includes acquisitions, exhibitions, commissions, and community partnerships, led by director Salvador Salort-Pons.

Fine art

Swiss police seize Monet and Van Gogh art linked to 1MDB

bbc.com

The artworks identified are Vincent Van Gogh's sketch La Maison de Vincent a Arles and Claude Monet's Nympheas avec Reflets de Haute Herbe and Sainte-Georges Majeur, seized by Swiss police as part of a Malaysian corruption investigation connected to the 1MDB case. The seizure followed US authorities filing a lawsuit to seize about $1 billion in assets reportedly bought with 1MDB funds.

Fine art

Stolen Salvador Dalí and Tamara de Lempicka works recovered

theartnewspaper.com

Salvador Dalí’s gouache Adolescence (1941) and Tamara de Lempicka’s La Musicienne (1929) were recovered in 2016 after being stolen in 2009 from the Scheringa Museum of Realist Art in Spanbroek, Netherlands. The recovery was announced by art detective Arthur Brand, with Richard Ellis of Scotland Yard’s Art and Antiquities Squad involved in the return.

Fine art

Knoedler fakes prompt a Diebenkorn catalogue raisonné

news.artnet.com

The article discusses Yale University Press preparing a definitive four-volume catalogue raisonné of Richard Diebenkorn’s work, prompted by the appearance of fake Diebenkorn works tied to Knoedler & Co. in New York after Diebenkorn’s death. It mentions curator Jane Livingston overseeing the project and an essay by John Elderfield, with Diebenkorn’s biography notes included.

Fine art

Sotheby’s to auction the Steven and Ann Ames Collection guaranteed above $100 million during the November sales

artnews.com

Gerhard Richter, A.B., Still (1986) and A.B., St. James (1988) are highlighted as part of The Triumph of Painting: The Steven and Ann Ames Collection, with top estimates around $20–$30 million for both pieces. The collection, featuring works by Gerhard Richter, Robert Ryman, Willem de Kooning, Philip Guston, Anselm Kiefer, and others, is to be auctioned in New York during Sotheby’s November contemporary art sales, with a guaranteed total above $100 million.

Fine art

Billionaire Steve Cohen pays $155 million for Picasso’s Le Reve

theworld.org

Steve Cohen purchased Picasso’s 1932 painting Le Reve for $155 million, according to the New York Post. The sale followed Cohen’s SAC Capital Advisors’ settlement of insider trading charges with the SEC, and the painting was bought from Steve Wynn, who had previously damaged the work.

Fine Art

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